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Last10K.com | 10-Q Quarterly Report Wed Oct 30 2019
FOR IMMEDIATE RELEASE
Contact: Nick Zangari
(502) 394-1157
Nick.Zangari@kyderby.com
CHURCHILL DOWNS INCORPORATED REPORTS
2019 THIRD QUARTER RESULTS
LOUISVILLE, Ky. (October 30, 2019) - Churchill Downs Incorporated (Nasdaq: CHDN) ("CDI" or "the Company") today reported business results for the third quarter ended September 30, 2019.
Third Quarter 2019 Highlights
•Net revenue of $306.3 million, up 38% over the prior year quarter
•Net income of $14.8 million compared to $56.3 million in the prior year quarter
◦Adjusted net income of $22.3 million, compared to $21.9 million in the prior year quarter
•Adjusted EBITDA of $88.0 million, up 42% over the prior year quarter
| CONSOLIDATED RESULTS | Third Quarter | ||||||||||
| (in millions, except per share data) | 2019 | 2018 | |||||||||
| Net revenue | $ | 306.3 | $ | 221.3 | |||||||
| Net income from continuing operations | $ | 15.2 | $ | 58.0 | |||||||
| Diluted earnings per share ("EPS") from continuing operations | $ | 0.37 | $ | 1.42 | |||||||
| Net income | $ | 14.8 | $ | 56.3 | |||||||
| Diluted EPS | $ | 0.36 | $ | 1.38 | |||||||
Adjusted net income(a) | $ | 22.3 | $ | 21.9 | |||||||
Adjusted diluted EPS(a) | $ | 0.55 | $ | 0.53 | |||||||
Adjusted EBITDA(a) | $ | 88.0 | $ | 62.1 | |||||||
| (a) This is a non-GAAP measure. See explanation and reconciliation of non-GAAP measures below. | |||||||||||
THIRD QUARTER 2019 NET INCOME
The Company's third quarter 2019 net income of $14.8 million was comprised of $15.2 million in net income from continuing operations and $0.4 million in net loss from discontinued operations. The prior year quarter net income of $56.3 million was comprised of $58.0 million in net income from continuing operations and $1.7 million in net loss from discontinued operations.
The following items impacted the comparability of the Company's third quarter net income from continuing operations:
•$42.3 million after-tax non-cash gain in the third quarter of 2018 on the acquisition of the remaining 50% equity interest in Ocean Downs Casino & Racetrack in exchange for the 25% equity interest in Saratoga New York and Saratoga Colorado properties;
•$3.0 million after-tax increase in expenses due to legal reserves;
•$2.2 million after-tax impact related to our equity portion of the non-cash change in fair value of Midwest Gaming Holdings LLC's ("Midwest Gaming") interest rate swaps;
1
The following information was filed by Churchill Downs Inc (CHDN) on Wednesday, October 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Churchill Downs Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Churchill Downs Inc.
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Churchill Downs Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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Financial - Earnings Highlight
The following items impacted comparability of the Company's nine months ended September 30, 2019 net income from continuing operations: a $42.3 million after-tax gain on the Ocean Downs/Saratoga Transaction; a $11.3 million after-tax impact of our equity portion of Midwest Gaming's non-cash change in fair value related to interest rate swaps; a $3.5 million after-tax impact of our equity portion of Midwest Gaming's recapitalization and transaction costs; a $3.3 million after-tax increase in expenses due to legal reserves; and a $2.7 million non-cash tax impact related to the re-measurement of our net deferred tax liabilities based on an increase in revenue related to states with higher tax rates compared to the prior year period.
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Financial - Earnings Highlight
The following items impacted comparability of the Company's third quarter of 2019 net income from continuing operations: a $42.3 million after-tax gain on the Ocean Downs/Saratoga Transaction; a $3.0 million after-tax increase in expenses due to legal reserves; a $2.2 million after-tax impact of our equity portion of Midwest Gaming's non-cash change in fair value related to interest rate swaps; and a $0.5 million non-cash tax expense related to the re-measurement of our net deferred tax liabilities from changes in state enacted rates.
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Financial - Earnings Highlight
Excluding these items, net income from continuing operations increased $0.4 million primarily due to a $7.7 million after-tax increase driven by the results of our operations and equity income from our unconsolidated affiliates, partially offset by a $5.1 million after-tax increase in interest expense associated with higher outstanding debt balances and a $2.2 million tax expense related to a higher effective tax rate compared to the prior year period due to an increase in income attributable to states with higher tax rates.
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Financial - Earnings Highlight
Excluding these items, net income from continuing operations increased $21.6 million primarily due to a $44.4 million after-tax increase driven by the results of our operations and equity income from our unconsolidated affiliates, partially offset by a $15.6 million after-tax increase in interest expense associated with higher outstanding debt balances and a $7.2 million tax expense related to a higher effective tax rate compared to the prior year period due to an increase in income attributable to states with higher tax rates.
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Financial - Expense Highlight
Adjusted EBITDA excludes: Transaction expense, net which includes: Acquisition and disposition related charges, including fair value adjustments related to earnouts and deferred payments; Calder racing exit costs; and Other transaction expense, including legal, accounting and other deal-related expense; Stock-based compensation expense; Midwest Gaming's impact on our investments in unconsolidated affiliates from: The impact of changes in fair value of interest rate swaps; and Recapitalization and transaction costs; Asset impairments; Gain on Ocean Downs/Saratoga Transaction; Loss on extinguishment of debt; Legal reserves; Pre-opening expense; and Other charges, recoveries and expenses For segment reporting, Adjusted EBITDA includes intercompany revenue and expense totals that are eliminated in the accompanying condensed consolidated statements of comprehensive income.
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Other - Other
Adjusted EBITDA We believe that...Read more
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Financial - Expense
Depreciation and amortization expense increased...Read more
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Financial - Expense
Depreciation and amortization expense increased...Read more
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Revenue - Product
Gaming revenue increased $68.1 million...Read more
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Financial - Shares
Total shareholders' equity increased $77.1...Read more
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Financial - Earnings
Net income decreased $207.9 million...Read more
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Revenue - Product
Gaming revenue increased $195.3 million...Read more
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Financial - Expense
Partially offsetting these increases was...Read more
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Financial - Expense
Partially offsetting these increases was...Read more
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Financial - Expense
Selling, general and administrative expense...Read more
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Financial - Expense
Selling, general and administrative expense...Read more
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Financial - Shares
Gaming Adjusted EBITDA increased $75.8...Read more
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Other - Other
We believe that the use...Read more
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Other - Other
TwinSpires' Adjusted EBITDA decreased $1.1...Read more
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Financial - Shares
Gaming Adjusted EBITDA increased $27.0...Read more
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Revenue - Product
Partially offsetting these increases were...Read more
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Revenue - Product
Nine Months Ended September 30,...Read more
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Other - Other
Capital project expenditures represent fixed...Read more
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Revenue - Product
Following the closing of the...Read more
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Financial - Debt
Total liabilities increased $760.2 million...Read more
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Financial - Shares
Adjusted EBITDA increased $91.8 million...Read more
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Financial - Expense
Nine Months Ended September 30,...Read more
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Revenue - Product
For financial reporting purposes, we...Read more
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Revenue - Product
Financial Results by Segment Net...Read more
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Revenue - Product
Partially offsetting these increases were...Read more
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Other - Other
Adjusted EBITDA is a supplemental...Read more
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Other - Other
Adjusted EBITDA is a supplemental...Read more
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Financial - Shares
Adjusted EBITDA increased $25.9 million...Read more
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Revenue - Product
Consolidated Financial Results The following...Read more
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Financial - Earnings
Net income decreased $41.5 million...Read more
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Revenue - Product
Nine Months Ended September 30,...Read more
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Revenue - Product
TwinSpires revenue was favorably impacted...Read more
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Other - Other
The legislation provides that existing...Read more
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Financial - Expense
Online Wagering Adjusted EBITDA decreased...Read more
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M & A - Other
We also recognized a $109.6...Read more
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Financial - Expense
Effective January 1, 2019, the...Read more
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Revenue - Product
All Other revenue decreased $1.7...Read more
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Revenue - Product
All Other revenue decreased $2.9...Read more
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Other - Other
The 2017 Credit Agreement also...Read more
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Other - Other
We believe this legislation will...Read more
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Other - Other
We believe this legislation will...Read more
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Other - Other
We believe this legislation will...Read more
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Other - Other
TwinSpires handle, which does not...Read more
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Revenue - Product
These indicators include changes in...Read more
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Financial - Debt
Credit Facilities and Indebtedness The...Read more
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Revenue - Product
Nine Months Ended September 30,...Read more
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Financial - Shares
In addition, at any time...Read more
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Financial - Shares
In addition, at any time...Read more
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Financial - Expense
Consolidated Operating Expense The following...Read more
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Other - Other
Partially offsetting these increases were...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Cover
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Shareholders' Equity
Acquisitions
Acquisitions (Tables)
Acquisitions - Lady Luck Nemacolin (Details)
Acquisitions - Ocean Downs (Details)
Acquisitions - Presque Isle (Details)
Acquisitions - Pro Forma Information (Details)
Acquisitions - Summary Of Assets Acquired And Liabilities Assumed (Details)
Acquisitions - Summary Of Intangible Assets Acquired (Details)
Commitment And Contingencies (Details)
Contingencies
Debt
Debt (Details)
Description Of Business
Description Of Business (Details)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Additional Information (Details)
Discontinued Operations - Income (Loss) From Discontinued Operations (Details)
Discontinued Operations - Major Classes Of Assets And Liabilities Derecognized (Details)
Fair Value Of Assets And Liabilities
Fair Value Of Assets And Liabilities (Details)
Fair Value Of Assets And Liabilities (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Goodwill (Details)
Goodwill And Other Intangible Assets - Intangible Assets (Details)
Income Taxes
Income Taxes (Details)
Investment In And Advances To Unconsolidated Affiliates
Investment In And Advances To Unconsolidated Affiliates (Tables)
Investment In And Advances To Unconsolidated Affiliates - Additional Information (Details)
Investment In And Advances To Unconsolidated Affiliates - Affiliate Balance Sheet (Details)
Investment In And Advances To Unconsolidated Affiliates - Affiliate Income Statement (Details)
Leases
Leases (Tables)
Leases - Additional Details (Details)
Leases - Schedule Of Future Minimum Operating Lease Payments (Details)
Leases - Schedule Of Lease Cost (Details)
Net Income Per Common Share Computations
Net Income Per Common Share Computations (Details)
Net Income Per Common Share Computations (Tables)
Recent Accounting Pronouncements
Recent Accounting Pronouncements (Tables)
Recent Accounting Pronouncements - Cumulative Effect Of Changes Due To Adoption Of Asu 2014-09 (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers - Additional Information (Details)
Revenue From Contracts With Customers - Performance Obiligations (Details)
Segment Information
Segment Information (Tables)
Segment Information - Adjusted Ebitda By Segment (Details)
Segment Information - Equity In Earnings Of Unconsolidated Investments (Details)
Segment Information - Information About Reported Segments (Details)
Segment Information - Schedule Of Net Revenue From External Customers (Details)
Segment Information - Total Asset Information For Segments (Details)
Shareholders' Equity
Shareholders' Equity (Details)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Details)
Stock-Based Compensation Plans Grants (Tables)
Subsequent Event
Subsequent Event Subsequent Event(S) (Details)
Material Contracts, Statements, Certifications & more
Churchill Downs Inc provided additional information to their SEC Filing as exhibits
Ticker: CHDN
CIK: 20212
Form Type: 10-Q Quarterly Report
Accession Number: 0000020212-19-000057
Submitted to the SEC: Wed Oct 30 2019 1:11:50 PM EST
Accepted by the SEC: Wed Oct 30 2019
Period: Monday, September 30, 2019
Industry: Racing Including Track Operation
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